It’s been almost a year since ₹2,000 crore worth of user funds vanished in the WazirX hack. One of the biggest breaches in Indian crypto history, the man at the center of it all, Nischal Shetty, has remained dead silent.
It’s been almost a year, and now another truth has surfaced, one that stings worse than all the lies so far: just weeks after the WazirX hack, on August 13, 2024, Nischal Shetty quietly handed over 100% ownership of Shinjuku FZC LLC, a company directly linked to WazirX, to his wife, Moujhari Guha.
No announcements, no disclosures. Just a silent handover when users were still trying to figure out what hit them. His own shareholding? Reduced to exactly 0.00%.
This wasn’t disclosed publicly. Not to the media. Not to users. Not to regulators. He quietly passed the ownership, washed his hands, and stepped away while pretending nothing happened.
This is the same man who built WazirX on the promise of “transparency and trust.” And when ₹2,000 crore of user funds got stolen, instead of standing up, he slipped into the shadows—only to resurface weeks later with a paper trail showing he moved ownership to his wife.
This isn’t just another corporate reshuffle. This was August 2024, right after the hack. When users were in panic. When wallets were frozen. When people were begging for answers. While the public waited for leadership, Nischal was signing off on the company.
The document, published in The Gulf Time on August 14, 2024, clearly shows it:
- Previous shareholder: Nischal Chakrapani Shetty – 0.00% shares
- New shareholder: Moujhari Guha – 100.00% shares
The company, Shinjuku FZC LLC, is licensed in Ajman, UAE, and was known to be part of the wider WazirX-linked network. The fact that he moved its full ownership to his wife just after the hack raises serious questions. Why do this silently? Why not tell users? What was he trying to protect?
But this isn’t where the lies end.
A Singapore court Judge, Kristy Tan, recently rolled out a document that Zettai Pte. Ltd., WazirX’s Singapore-based entity, was indeed holding user assets as a custodian.
This directly contradicts what WazirX claimed publicly all these months, that they didn’t control or hold user funds. The judgment made it crystal clear: Zettai had legal and operational control over those assets.
Justice Kristy Tan, in her official ruling, even noted that the platform had misled users post-hack. She documented how WazirX delayed, dodged, and distorted the facts while users waited helplessly.
And where is Nischal now? Living freely in Dubai. Not a single formal interrogation. Not a single honest statement to the public. One of India’s biggest crypto breaches, and its founder hasn’t faced a single consequence.
Meanwhile, users are still stuck. Their funds have been locked for nearly a year. No refunds. No timelines. No hope.
First, they lost their money. Now they’re losing patience. Because every month that goes by, more secrets keep surfacing, and none of them show WazirX or its founder in a good light.
The Nischal Shetty narrative is no longer about a failed platform. It’s about a man who ran from responsibility, rewrote the paperwork in silence, and continues to pretend nothing happened, while thousands of users are still paying the price.
And the worst part? He’s currently working on his other venture, ‘Shardeum,’ about building the future of crypto, and doing collaborations with MEXC to launch “SHM Party” trading campaign, while the past he destroyed remains untouched.
Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack
